HENDERSON, Nev., June 30, 2023 (GLOBE NEWSWIRE) -- Solar Integrated Roofing Corp. (OTC:SIRC) (“SIRC” or the “Company”), an integrated, single-source solutions provider of solar power, roofing and EV charging systems, provided a comprehensive mid-year corporate update letter to shareholders from the Company’s Chief Executive Officer, Brad Rinehart, and President & COO, Troy Clymer.
Dear Shareholders,
SIRC has experienced significant evolution in the first half of 2023, with considerable positive changes occurring in the second quarter as we position the Company for forward scale. During the second quarter ended June 30th, 2023, we had a change in control including the upgrading of our executive management team, re-populating our Board of Directors and the positive exit of our founder and former CEO and Chairman from the organization. These changes were accompanied by our execution of a binding letter of Commitment (“LOC”) with Tribeca Energy, a new holding company represented by Global Fund LLC & Neo Energy Storage Ltd. As we previously disclosed, Tribeca Energy shall consummate a merger agreement to list on the NYSE or Nasdaq by October 30, 2023, pending completion of all relevant and necessary documents, and no later than 12 months from the time of the LOC’s execution.
Our vision for Tribeca Energy is to achieve the decarbonizing of the energy grid by focusing on renewable energy, long-duration energy storage (LDES) solutions, and distributed energy supplies to ultimately transform the world economy through energy security. We are highly confident in our ability to realize this vision with the agreement between Tribeca & SIRC creating a strong foundation for long-term growth. We also reinvested in company culture while making significant progress toward cleaning up our balance sheet and striding toward becoming cash flow positive.
To highlight some operational updates related to our EV Division and PLEMCo we want to shed some light on some of PLEMCo’s current projects. PLEMCo has completed EVSE Projects at the following LA County locations in the past few months:
Acton, 10 Powerflex EV Chargers
Rosemead, 26 Powerflex EV Chargers
El Monte, 9 Powerflex EV Chargers
La Canada, 12 Powerflex EV Chargers
Long Beach, 8 Powerflex EV Chargers
High Desert Lancaster, 19 Powerflex EV Chargers
Santa Clarita, 10 Powerflex EV Chargers
Pomona, 20 Powerflex EV Chargers
Altadena 10 Powerflex EV Chargers
Whittier, 12 Powerflex EV Chargers
East LA, 24 Powerflex EV Chargers
City Terrace, 8 Powerflex EV Chargers
K6 Lancaster, 40 Powerflex EV Chargers
EVSE project at the Barstow Veterans Home under contract with California DGS installing 12 EV Charging stations
Four additional, notable projects that PLEMCo currently has under construction include:
Installation of 33 Powerflex EV Chargers at Olive View UCLA Medical Center Silmar in different parking facilities on their property
Installation of 18 Powerflex EV Chargers at Richard Donavan Correctional Facility in San Diego
Installation of 400 LED High Bay lights in the Volcom Warehouse as part of their ongoing agreement with Irvine Company for lighting projects at their facilities
Commencement of phase II of a lighting project at the Marriott property on Coronado Island in San Diego
Combined, these projects will generate more revenue than was realized in the full year 2022. Once those key projects are completed, we will also immediately start the multi-million-dollar Beaches and Harbors project. Our PLEMCo sales & business development team is actively engaged in securing additional large EVSE contracts as we manage our rapidly growing pipeline of business.
We also do not see any impact on our current operations as a result of other OEM’s agreeing to use Tesla Fast Charging technology. We are fully capable of installing any charger technology. LA County, California DGS, and federal and state governments are not heavily reliant on Tesla vehicles in their current fleets needing that charging technology in any event.
Additionally, SIRC’s Shared Services, Financial Services & Supplemental Claims Services Division (Balance) is exceeding the forecasted goals for the second quarter and full fiscal year 2023. In the second quarter, Balance exceeded the high side of its quarterly revenue goals at 112%. Compared to the same quarter in 2022, Balance saw a 32.9% increase in revenue. From a sales perspective, Balance has more than doubled the number of net new revenue producing clients from Q1, and at the mid-year point is running at over 115% of the high side forecast for the fiscal year to date. Additionally, Balance achieved a net profit margin of over 26% for the first half of fiscal year 2023.
Every month of 2023 has seen our Services Division achieve at least 105% of that month’s high-side forecast culminating in a June achievement of over 131% of our monthly high-side forecast. The growth of our SIRC Services division and the Balance brand has been enhanced by the recent successful launch of our SIRC Finance Services and Balance Finance sub-division and the tailwinds of an active storm year across the United States and the resultant increase in residential re-construction services. We expect this trend to continue throughout the year and foresee a very strong remainder of 2023 for our growing Services division across all its product and services lines.
As we progress forward through the second half of 2023, we remain committed to providing timely updates and transparency for our shareholders and all stakeholders of SIRC. Beginning in July, we will start a monthly mid-month podcast on our new @SIRC_Official YouTube channel. We are targeting the third week of July for the initial podcast with both of us - CEO, Brad Rinehart, and President & COO, Troy Clymer. Stay tuned for the specific date and more details soon. The new YouTube channel is being branded and set up by our internal marketing team and our IR/PR team to align with our new SIRC brand launched earlier this year. It is a part of our strategy to develop the SIRC brand and provide regular messaging to investors, clients, partners, and all stakeholders that is transparent, timely and cumulative.
We are excited about our reinvigorated vision, our operational roadmap, and the commitment from our shareholders, employees, associated team members and mission-critical strategic alliance partners. We wish everyone in the U.S. a safe and happy Independence Day and our constituents around the world a positive mid-year.
Sincerely,
Brad Rinehart & Troy Clymer
Chief Executive Officer & President
